LG Electronics withdraws from Formula 1 as five year deal ends

Bernie Ecclestone with Dermot Boden LG Electronics Chief Marketing Officer

Bernie Ecclestone with  LG Electronics Chief Marketing Officer  Dermot Boden

South Korean-based consumer electronics group LG announced on Thursday the end of a five-year global partnership deal with Formula 1.

A statement, issued on behalf of the world’s second biggest television maker, ahead of this weekend’s season-ending Brazilian Grand Prix, said that LG would be “refocusing its sponsorship strategy towards regional platforms from 2014 onwards”.

LG signed a deal with Formula 1’s commercial supremo Bernie Ecclestone in November 2008 to be a technology partner with the company’s branding on the international broadcast feed and timekeeping systems.

Rolex are now Formula 1’s official timekeepers after announcing a deal last December. (Reuters)

Subbed by AJN.